Flight International Online News 11:00GMT: Middle East carrier Emirates has increased half-year net profits by 7% to Dhs922 million ($251 million), on a 28% rise in revenue to Dhs10.4 billion.
Emirates has released the results, for the six months to 30 September, as it fends off accusations that it benefits from generous financial protection and an advantageous operating environment.
In a clear rebuff to the latest criticism, from Australian carrier Qantas, Emirates describes itself as "financially self-sustained and unprotected" and says that its results have been driven by strong passenger and cargo demand as well as improved yields.
"[These] softened the impact of high fuel prices on operating costs," adds the carrier, which points out that fuel costs over the interim rose by 84% compared with last year.
Fuel accounted for 27% of the airline's operating costs during the six months, an increase on the previous figure of 19%. While the carrier has imposed fuel surcharges on fares, it says that these do not cover fully the higher expenditure.
Emirates chairman Sheikh Ahmed bin Saeed Al-Maktoum says that the airline has demonstrated "resilience" and "adaptability" in coping with the operating environment.
"While high fuel prices remain the single largest threat to Emirates' achievement of its financial goals, the airline is confident in the future of the air transport industry," says Al-Maktoum.
"We will continue to seek cost-efficiencies, pursue revenue opportunities in high-potential markets, increase productivity and continually innovate to deliver the best possible service to our customers."
Passenger load factor on Emirates' network was up by 2.6 points to 76% while passenger numbers increased 15% to nearly 7 million. Emirates freight division SkyCargo generated a one-third rise in revenues to Dhs2.1 billion. Freight volume increased by 20% during the six months.
Source: Flight International
